Blender as 3D real-time visualizer
The short answer is "yes."

The longer answer is "it depends on exactly how you want to do it."

If you can be a bit more specific about what kind of data you're wanting to import, that'd be really helpful. You can get just about anything you want into Blender, but it might be simpler to pre-process it with another application. Knowing what that is and where it comes from will help us to make some recommendations.

If you can be a bit more specific about your intended result, that'd be really helpful. Blender can do real-time 3D as well as feature-film-quality video... and anything in between. More information will make it easier to be more helpful.

As for the best place to start, I would NOT (perhaps surprisingly) recommend studying the Python API. It has a Python API. That's really about all you need to know. It can do anything Python can do, so technically you can literally do almost anything you want with Blender. You might even be able to write an Operating System with it... though I don't know how much help Blender would be in that process.

Generically, the best place to start would be the Blender Manual. Figure out what Blender does and how it does it. Then you will have a much better idea of whether or not you want to use it for your project.

Hope that helps!